Financial News

Which retail companies have reported the most successful year-over-year growth? How much did company X spend on its latest expansion? In the Retail TouchPoints Financial News section, industry insiders can find out what their peers are spending and how they are faring in the marketplace. This information can be useful for future implementation strategies, real estate ventures and growth opportunities.

Sears Continues Store Closures, Replaces CFO

Sears Holdings began this year with an announcement that it would close 150 stores in 2017,  and things have not improved in the months since. The retailer is shuttering 92 underperforming pharmacy operations in certain Kmart stores and 50 Sears Auto Center locations. The company has updated its strategic restructuring…

Walmart Close To Buying Bonobos For $300 Million

  • Published in News Briefs
Walmart is reportedly in advanced talks to scoop up its fourth e-Commerce brand of 2017, and its biggest yet. The retail giant is close to acquiring men’s fashion retailer Bonobos, according to Recode. A Bloomberg report estimates the purchase price at approximately $300 million. Bonobos gained popularity as a pure-play…

Darkstore Raises $1.4 Million For Expansion To 3 New Markets

Darkstore, an on-demand delivery fulfillment startup, has raised $1.4 million in seed financing from PivotNorth Capital. The company plans to use the funding to launch in new markets and expand its team. Tim Connors, general partner of PivotNorth, will join the company’s Board of Directors.

Staples Explores Potential Private Equity Sale

  • Published in News Briefs
Less than a year after a failed merger with rival Office Depot that led to the resignation of CEO Ron Sargent, Staples is exploring a sale, according to a report from The Wall Street Journal. The office supplies retailer is in early talks with a “small number of possible private…

PIM Software Provider Akeneo Secures $13 Million

Akeneo, an open-source product information management (PIM) software provider founded in France in 2013, has raised $13 million from investors Partech Ventures and Alven Capital. The company plans to use the new funding to double its R&D team and accelerate international sales.

Flow Raises $16 Million To Expand Cross-Border Platform

UPDATE: Flow has completed a $16 million Series A funding round. While Bain Capital led the initial financing in March, investment firms Fung Capital and Forerunner Ventures have contributed a combined $3 million to the round. Forerunner Ventures counts Birchbox, Bonobos and Warby Parker among its portfolio companies and was an investor in both and Dollar Shave Club. Fung Capital invests in retail technology startups such as Olapic, HookLogic, Tulip and Celect.  

Neiman Marcus To Explore Alternatives: Sale On The Horizon?

After yet another dismal quarter that saw revenue drop 6.1%, comparable store sales dip 6.8% and $117 million in net losses, Neiman Marcus revealed that it has hired advisers to help the brand explore and evaluate potential strategic alternatives, including a possible sale. Hudson’s Bay, owner of Lord & Taylor and Saks Fifth Avenue, has entered exploratory talks about acquiring Neiman Marcus, according to a report from The Wall Street Journal. The Canadian department store chain is seeking a deal that would give it control of the business without including Neiman Marcus' $5 billion in debt.

Location Engine Yext Files For IPO

In a move that could raise as much as $100 million, Yext has filed for an Initial Public Offering (IPO) that would make its stock available for purchase as soon as April 2017. Yext, founded in 2006, provides the location results appearing on search engines, social media and maps, and counts brands such as AutoZone, Best Buy, Ben & Jerry’s, Marriott, Michael’s, McDonald’s and Rite Aid as customers. According to its SEC filing, Yext has “experienced rapid growth in recent periods.” However, the filing also warned that Yext has “a history of losses and may not achieve profitability in the future,” and that it remains dependent on strategic relationships with third-party application providers. For the nine months that ended Oct. 31, 2016, Yext generated $88.6 million in revenues and suffered a net loss of $28.6 million.

Gordmans, Gander Mountain Catch The Bankruptcy Bug

Bankruptcies continue to plague the retail landscape, with Gordmans and Gander Mountain the latest merchants to voluntarily file for Chapter 11. While “all Gordmans stores are operating as usual without interruption,” according to CEO Andy Hall, Gander plans on closing 32 retail locations as part of its restructuring. Gordmans has entered an agreement with Tiger Capital Group, LLC and Great American Group, LLC to liquidate its inventory and other assets of its retail stores and distribution centers.

RadioShack Files For Bankruptcy A Second Time

RadioShack has filed for Chapter 11 bankruptcy, marking the second time in more than two years that the beleaguered consumer electronics brand has taken the drastic step to reconsider its future. General Wireless Operations Inc., operator of the RadioShack brand, filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The retailer is closing approximately 200 stores and said it isevaluating…

DICK’S Repositions Merchandising Strategy Amid Sporting Goods Struggles

Despite increasing comparable store sales 5.0% in Q4 and continuing its rapid e-Commerce growth, DICK’S Sporting Goods is slashing 20% of its 1,600 vendors to focus more on its private label brands. The company will launch two new private brands in Spring 2017, and expects the private label business to reach $1 billion in sales this year. To close Q4, the retailer reported: • Net…

BCBG Max Azria Goes Bankrupt…Is hhgregg Next?

BCBG Max Azria is the latest in a long line of fashion and apparel retailers to file for Chapter 11 bankruptcy — providing another warning sign that more retailers could follow. The chain has begun closing 120 stores as part of its restructuring, the company’s Chief Restructuring Officer Holly Felder…

WorkJam Raises $12M To Enhance Mobile Offering

WorkJam, a digital workplace platform for hourly workers, has raised $12 million in funding from Lerer Hippeau Ventures, Blumberg Capital, Founder Collective, NovelTMT and WorkJam’s management team. This strategic investment will enable the company to enhance its mobile platform and accelerate global expansion. 

Machine Learning Messaging Platform Secures $6 Million Investment

Cordial, a machine learning-powered adaptive messaging platform that understands and adapts messaging based on in-the-moment consumer actions, has received $6 million in Series A funding from Upfront Ventures. The SaaS solution is designed to ensure brands' email and mobile campaigns are personalized and automated to support one-on-one, real-time experiences across millions of connected devices, including the Internet of Things (IoT). "This raise will be used to accelerate adoption of our platform across more retailers as well as e-Commerce, content publishing and travel and hospitality brands, as we further empower marketers," said Cordial CEO and founder Jeremy Swift in a statement.
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